FY2020 EPS Estimates for Independent Bank Co.(MI) Raised by Piper Sandler (NASDAQ:IBCP)

Independent Bank Co.(MI) (NASDAQ:IBCP) – Equities researchers at Piper Sandler increased their FY2020 earnings per share estimates for shares of Independent Bank Co.(MI) in a report released on Tuesday, July 28th. Piper Sandler analyst B. Nosal now forecasts that the financial services provider will earn $1.83 per share for the year, up from their prior estimate of $1.40. Piper Sandler has a “Buy” rating on the stock. Piper Sandler also issued estimates for Independent Bank Co.(MI)’s Q4 2020 earnings at $0.46 EPS, Q1 2021 earnings at $0.33 EPS, Q2 2021 earnings at $0.35 EPS, Q3 2021 earnings at $0.36 EPS and FY2021 earnings at $1.39 EPS.

A number of other equities research analysts have also weighed in on IBCP. Zacks Investment Research upgraded shares of Independent Bank Co.(MI) from a “sell” rating to a “hold” rating in a report on Thursday, May 28th. BidaskClub lowered shares of Independent Bank Co.(MI) from a “hold” rating to a “sell” rating in a research note on Friday, July 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $24.00.

Shares of IBCP opened at $13.97 on Friday. Independent Bank Co has a twelve month low of $9.19 and a twelve month high of $23.93. The firm’s fifty day simple moving average is $13.85 and its 200-day simple moving average is $15.97. The firm has a market capitalization of $305.69 million, a price-to-earnings ratio of 6.85 and a beta of 0.95. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.42.

Independent Bank Co.(MI) (NASDAQ:IBCP) last announced its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.67 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.42. Independent Bank Co.(MI) had a net margin of 22.58% and a return on equity of 13.42%. The business had revenue of $50.83 million for the quarter, compared to analyst estimates of $46.45 million.

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Tuesday, August 4th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, August 3rd. This represents a $0.80 annualized dividend and a yield of 5.73%. Independent Bank Co.(MI)’s dividend payout ratio is currently 40.00%.

In related news, EVP Stefanie M. Kimball sold 2,900 shares of Independent Bank Co.(MI) stock in a transaction on Friday, June 5th. The shares were sold at an average price of $16.47, for a total transaction of $47,763.00. Following the sale, the executive vice president now directly owns 62,209 shares in the company, valued at approximately $1,024,582.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.44% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the business. Two Sigma Investments LP grew its position in Independent Bank Co.(MI) by 32.5% during the 1st quarter. Two Sigma Investments LP now owns 94,067 shares of the financial services provider’s stock worth $1,211,000 after purchasing an additional 23,090 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Independent Bank Co.(MI) by 164.8% during the 1st quarter. BNP Paribas Arbitrage SA now owns 6,782 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 4,221 shares during the last quarter. Nuveen Asset Management LLC grew its position in Independent Bank Co.(MI) by 2.4% during the 1st quarter. Nuveen Asset Management LLC now owns 377,092 shares of the financial services provider’s stock worth $4,853,000 after purchasing an additional 8,719 shares during the last quarter. Two Sigma Advisers LP grew its position in Independent Bank Co.(MI) by 84.7% during the 1st quarter. Two Sigma Advisers LP now owns 172,304 shares of the financial services provider’s stock worth $2,218,000 after purchasing an additional 79,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Independent Bank Co.(MI) during the 2nd quarter worth $1,002,000. 81.31% of the stock is currently owned by institutional investors.

About Independent Bank Co.(MI)

Independent Bank Corporation operates as the holding company for Independent Bank that provides various banking services to individuals and businesses in Michigan. The company offers checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending, and safe deposit box services, as well as automatic teller machines, and Internet and mobile banking services.

Read More: What is the G-20?

Earnings History and Estimates for Independent Bank Co.(MI) (NASDAQ:IBCP)

Receive News & Ratings for Independent Bank Co.(MI) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Independent Bank Co.(MI) and related companies with MarketBeat.com's FREE daily email newsletter.